Bitcoin closed below the 50-week moving average again. Everyone is watching that line. From an Elliott Wave perspective it is not the level that decides. 83,000 is. Video by More Crypto Online.
In this video: the monthly chart and the three scenarios that are live right now, what specifically has to happen before 160,000 comes into reach, the levels that matter this week, Bitcoin Dominance, ETH/BTC, and the altcoin
setups that are running while Bitcoin sits in its range.
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LEVELS THIS WEEK
78,616 - last swing low, first warning
76,230 - first real support
70,500 - below this the short-term uptrend from the July low is done
83,000 - the May high, first real resistance and the gate
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Bitcoin Insights Today
-Macro Headwinds & Rate Hike Fears: The biggest story weighing on risk assets today is the aftermath of a "bombastic" August U.S. labor report, which revealed 162,000 jobs added against expectations of just 56,000. According to the CME FedWatch Tool, this massive beat has pushed the probability of a Federal Reserve rate hike at the upcoming September 15–16 meeting to roughly 58%. Hawkish sentiment has driven the two-year Treasury yield to a 52-week high of 4.4%, drawing capital away from non-yielding digital assets.
-Strong Technical Resistance: Technical analysts at Economies.com point out that BTC has failed to sustainably breach the $82,000 level four distinct times since late August. Momentum indicators like the Relative Strength Index (RSI) are flashing short-term negative divergences, hinting that Bitcoin may need to retest support near $77,300 or $75,538 if the $79,000 floor cracks.
-Corporate Stacking & ETF Inflows: Countering macro concerns is unwavering institutional demand. U.S. spot Bitcoin ETFs took in an impressive $770 million over the first four sessions of September alone. On the corporate side, European public entity Capital B SA announced today that it raised capital to purchase an additional 376 BTC for €25.3 million ($29.4 million), growing its total treasury reserves to 3,521 BTC.
-Regulatory Watch: Crypto traders are also keeping a close eye on the U.S. Senate, which is scheduled to vote on the CLARITY Act on September 15. Polymarket prediction odds currently place the bill's chances of passing into law this year at about 18%.
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